Parents with children born in these years urged to come forward for free £2,212

Parents with children born in these years have been urged to come forward for £2,200. Child Trust Funds from HMRC are savings accounts which were opened automatically for most UK citizens born between 1 September 2002 and 2 January 2011.

They mature on the 18th birthday of the person they belong to, at which point they can decide whether to take the money or transfer it into an Individual Savings Account (ISA). Joanne Walker, LITRG Technical Officer, said: “There are many young people who are not aware they have a Child Trust Fund. Their parent or guardian may not have taken up the government’s offer when they were born, but HMRC would have opened an account on their behalf.

“If they want to find out if they have a Child Trust Fund and withdraw the money, they do not need to pay someone else to do this for them. HMRC offers a free service for people who know the name of the savings provider that holds their account. Even if they do not have this information, HMRC can help them find it if they provide their date of birth and National Insurance number.

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“For those who want help doing this, there are organisations available who can help locate the fund and who do not charge for the service. There is nothing wrong in using a company that will charge for their services as long as people make an informed choice to do so. However, these simple steps can ensure young people are able to find and access their fund, without the need for an expensive fee.”

If you don't know the details of your Child Trust Fund account, the good news is, you can track it down for free. Latest figures from HMRC show more than 670,000 people aged 18 to 22 have yet to claim their Child Trust Fund. On average, each account is worth £2,212. You can't open a new Child Trust Fund but you can continue to pay into an existing account.